Dhaka, Nov 30, 2021 (PR) - Saudi Arabian private sector investor Engineering Dimension International LLC and Dipon Group inked two memorandum of understanding (MOU) worth 1.70 Billion US Dollars. The signing ceremony took place at the newly constructed Embassy premises at Baridhara in presence of the honorable Saudi Ambassador to Bangladesh. The investment aims at setting up gas transmission and distribution infrastructure in the western region in Bangladesh, fertilizer factory, paper, and sugar industry.
The private sector investment commitment materialized immediately after closure of the International Investment Summit 2021 being organized by BIDA.
As per MOU, Dipon Group will be arranging gas for all Saudi led investment projects and other interested parties. Gas will be imported from India through a gas pipeline to be built under private initiative. Gas Authority of India Limited (GAIL) agreed to supply gas on long term basis by building pipeline from its national grid to Bangladesh border with transfer facilities. It is to be noted GAIL will ensure uninterrupted long-term supply of gas and it has a track record of never failing in its supply commitments. The pipeline work from Indian border to connect nearest national grid point in western region of Bangladesh will be built within 12 to 18 months from the date of signing the long-term supply agreement.
Among other’s Hon’ble Saudi Ambassador, Saudi Embassy Officials Golam Moshi (former Bangladesh Ambassador to Saudi Arabia), representatives from EDII LLC and Dipon Group were present in the signing ceremony. Hejji Mohammad Najeeb M and Shafquat Matin from EDII and Dipon Group, respectively, executed the MOU on behalf of their companies.
EDII inked two more MOUs worth USD 175 million at the same venue for petrochemical and medical/health services with Titas Enterprise and Medinvest Ltd.